Posted on 04/16/2020 1:54:33 PM PDT by Oldeconomybuyer
NEW YORK - If you got your stimulus payment this week from the IRS and it is still in your account, are you afraid to spend it?
Many recipients immediately deployed the money they received as part of the CARES Act - up to $1,200 per adult and $500 per child - for urgent necessities, including food, rent and unpaid bills. Some did not even have the deposit register before it was swept away to cover overdrafts, unless they use a bank which pledged not to do this.
If you are lucky enough to not to need the money right away, it may just sit there staring at you from your balance sheet. There are all sorts of suggestions for ways to make use of it: buy gift cards from local businesses, prepay your mortgage or fund a Roth IRA contribution - but that may not encourage you to budge.
When it comes down to it, you may be too anxious to spend it anyway. Sarah Newcomb, director of behavioral science at fund research firm Morningstar, studies how people react to sudden influxes of cash, known as the windfall effect, and this is not it.
“This is different, coming at a time when people are feeling financially stressed,” Newcomb said.
People generally put found money in a category of “fun” and spend it accordingly. When it is expected money like a tax refund, they tend to be practical and do things like pay down debt or make a large planned purchases.
Newcomb said she did not yet know what she was going to do with the deposit that had just landed in her own account. Her behavior is akin to those she has studied - it is not something she is going to spend frivolously.
(Excerpt) Read more at reuters.com ...
Guess mine will come in the mail. I sort of have an aversion to the IRS knowing the routing number to my bank account
Nope, just ordered a Sig P-365...........
I’d love to spend it. But everywhere I want to spend it is closed.
Envy here...
They told me to stay home and not go out and spend it.
I’m buying ammo with mine. And cigars. And liquor.
I’m not getting any stimulus money, but if I did, I’d spend it on another gun. Maybe more ammo.
I was surprised I got mine deposited yesterday... They had to go back more than one year to get my direct deposit info, I have owed for a couple years now. They used a previous return from when my grandson was living with us, but he was not with us any of 2019... A little concerned I will have to pay $500 back, so am afraid to use that part of it, think we will just put that in savings for now.
Translation: We hope we can scare you into not spending your stimulus check, because we want the economy to tank so Trump doesn’t get reelected.
(Not happening!)
Actually, the IRS can find all your bank accounts anytime they want to. All they have to do is to type your SS# into the system and every bank account you have will pop up.
Per IRS agent/friend.
Heck!
It’s just money folks....it ain’t manna from Heaven.
Gonna spend mine on hookers and whiskey,anything left after that I’ll just waste
They know. If they wanted to collect from you they would drain it in microseconds.
Why, does it have Chinese cooties on it?
There have been rumors that our President Trump was adamant that his signature appear on these ‘stimulus checks.’
The discussion should not be needed. Most of these will be deposited directly into bank accounts, which makes the point that they will be unseen by many, possibly by the majority of the receivers. Vanity should NOT be the issue. FRAUD and criminal activity would be the firsts on this list.... payments to illegals for instance. (Thank you Gov. Newsom. /s)
I’m getting 1200, owe irs 1400.
I’m not getting one...but will buy cigars and beer!!~
Any man who dies worth more than a thousand bucks was a failure... Errol Flynn
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